Bitcoin Erases Losses, Rises to $29.5K as Nasdaq Gains Nearly 2%

The price of bitcoin (BTC) remains in a very narrow range, but has climbed modestly into the green on Friday, reversing early losses.

Overnight, the Bank of Japan (BOJ) announced Friday a hawkish adjustment to its yield curve control (YCC) program, as CoinDesk previously reported, raising its cap on the 10-year Japanese government bond yield to 1% from 0.5%. The move comes amidst calls from the International Monetary Fund to begin normalizing that country's ultra-loose policy and could potentially impact global liquidity and risk assets including bitcoin.

The yield on the 10-year Japanese government bond rose sharply following the policy tweak, up 11 basis points to 0.55%, and bitcoin dipped to as low as $29,100.

Inflation news

This morning's report on the PCE Price Index – the U.S. Federal Reserve's preferred inflation gauge – show prices up 3% year-over-year in June, shy of forecasts for 3.1% and down from 3.8% in May. The core rate fell to 4.1% against estimates for 4.2% and 4.6% previously.

There was little reaction in bitcoin following the backward looking data, but perhaps taking its cue from surging stocks – the Nasdaq is ahead 2%, helped by a 6% rise in Intel (INTC) following a positive earnings report – the crypto managed an advance to the $29,500 level.

The broader CoinDesk Market Index (CMI) has moved higher, up 0.15% for the day.

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